UK 200 position: 24
Wragge & Co is moving closer to regaining the ground it has lost since the onslaught of the financial crisis. In 2011–12 turnover at the firm was £118.2m, up 5 per cent on 2010–11’s £113m which in turn was 15 per cent up on the previous year’s results.
Wragges’ revenue is now less than £9m off its 2007–08 high point, when it pulled in £127m. Net profit was down a small amount, however, from around £39m to £37.9m.
According to managing partner Ian Metcalfe, the subdued profit figures are down to the firm’s investment in new partners. In 2012 the firm ended its internal promotions freeze, which it had instituted to focus on lateral hires, making up three associates to partner (Wragges operates an all-equity partnership).
Out of the firm’s £118.2m turnover in 2011–12, £13.4m came from its overseas offices in Guangzhou, Munich, Paris and the UAE. But while the international offices contribute 11.3 per cent of the firm’s overall turnover, the firm says that 30 per cent of its mandates have an international flavour.
Wragges also added to its international footprint in 2011–12, opening in Dubai in September.
News from The Lawyer
Overview3 Waterhouse Square
Turnover (£m): 118.2
Total lawyers: 465